| Top investment managers, benchmarked against volume-weighted average price | ||
| Rank 1 | Investment manager 2 | Difference vs. E/M universe (basis points) |
| 1 | Hotchkis and Wiley Capital Mgmt | 29.69 |
| 2 | AXA Rosenberg Investment Mgmt | 16.47 |
| 3 | Nicholas-Applegate Capital Mgmt | 15.02 |
| 4 | BlackRock | 14.53 |
| 5 | Spectrum Asset Mgmt | 14.18 |
| 6 | Barrow, Hanley, Mewhinney & Strauss | 13.84 |
| 7 | Intech Investment Mgmt | 12.90 |
| 8 | Barclays Global Investors | 11.52 |
| 9 | Brandes Investment Partners | 10.78 |
| 10 | Quantitative Mgmt Associates | 10.62 |
| 11 | Brandywine Global Investment Mgmt | 9.90 |
| 12 | First Quandrant | 9.24 |
| 13 | Numeric Investors | 9.11 |
| 14 | Kinetics Asset Mgmt | 8.33 |
| 15 | Jacobs Levy Equity Mgmt | 5.97 |
| Top brokerage firms, benchmarked against volume-weighted average price | ||
| Rank 1 | Brokerage Firm 3 | Difference vs. E/M universe (basis points) |
| 1 | Bloomberg Tradebook | 14.11 |
| 2 | Investment Technology Group | 13.83 |
| 3 | Knight Direct | 13.30 |
| 4 | Morgan Stanley | 12.56 |
| 5 | Deutsche Bank | 12.35 |
| 6 | Source Trading | 11.74 |
| 7 | Fox River Execution Technology | 11.61 |
| 8 | Crédit Agricole Cheuvreux | 10.16 |
| 9 | Kellogg Partners | 9.24 |
| 10 | State Street Global Markets | 9.23 |
| 11 | JPMorgan Chase & Co. | 8.64 |
| 12 | Merrill Lynch & Co. | 7.77 |
| 13 | Merlin Securities | 7.53 |
| 14 | Guzman & Co. | 7.22 |
| 15 | Pipeline Trading Systems | 6.26 |
| Top brokerage firms, benchmarked against arrival price | ||
| Rank 1 | Brokerage Firm 4 | Difference vs. E/M universe (basis points) |
| 1 | Deutsche Bank | 66.21 |
| 2 | Natixis Bleichroeder | 40.71 |
| 3 | BTIG | 40.45 |
| 4 | Kellogg Partners | 39.29 |
| 5 | Fox River Execution Technology | 32.58 |
| 6 | Sanford C. Bernstein & Co. | 31.07 |
| 7 | Knight Direct | 29.32 |
| 8 | Merlin Securities | 27.83 |
| 9 | Guzman & Co. | 19.34 |
| 10 | Credit Suisse | 13.90 |
1 Rank is for 12 months ended June 30.
2 Includes managers with more than $2 billion in principal traded.
3 Includes brokerages with more than $5 billion in principal traded.
4 Includes brokerages with more than $1 billion in principal traded.
Source: Elkins/McSherry.
